As it prepares to part ways with Versace, which has been sold to the Prada group, the American group that owns Michael Kors and Jimmy Choo has reported higher-than-expected revenue and profits for the first three months of its 2025-26 fiscal year, which ended in June. Its CEO is forecasting a return to growth in 2027.
After a failed takeover attempt by fellow US company Tapestry in 2024, Capri Holdings is starting to get back on its feet.
Soon to be relieved of the Versace brand, whose sale to the Prada group, announced this spring, should be finalized later this year, the American group, refocused on the Michael Kors and Jimmy Choo brands performed better than expected in the first quarter of the 2025-2026 fiscal year, which ended on June 28.
Above expectations
Its net revenue continued to decline, falling 6% on a reported basis (-7.7% at constant exchange rates) to $797 million. However, this was above Capri’s forecasts (between $765 million and $780 million) and represented a significant improvement on the third and fourth quarters of 2024-2025, when it fell (on a reported basis) by 11.6% and 15.4% respectively.
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Read also > Capri Holdings deepened its losses during the 2024-25 fiscal year
Featured photos: © Versace
